- U.S Markets closed lower on Friday.
- Right now , Dow futures are slightly lower.
- SGX Nifty is hovering around 17050.
- Big gap down opening is on cards today.
- Reason is the U.S Jobs data announced on Friday.
- Asian markets are lower.
- U.S Jobs data highly above Expectations.
- This triggered another large rate hike fear in U.S Markets.
- Nasdaq crashed 4% on Friday.
- FII's also sold heavily on Friday.
- They have sold for 2500 crores.
- FII's short position is now more than 80%.
- They have been carrying heavy short Positions offlate.
- First support should kick in near 17000.
- 200 DMA is close to 16800 so this should be the next major support.
- Accenture has declared okayish results but the guidance has not been good.
- This week we are going to have IT company results.
- Markets are going into results season with muted Expectations.
- That's always better than going in with high expectations.
- Nifty might Trade between 17000 to 17300 today.
- stockmarketadvisory.in
U.S Markets closed higher yesterday. Asian markets are higher. SGX nifty is up 150 points. Yesterday was a very tricky and unexpected session. As soon as Market opened there was a continuous selling. Market was falling left , right and center without taking any support. I was wondering why is the Market going against the global cues Then we got the news about RBI Governer press conference. So some informed people already knew about this rate hike. Hence there was a sudden selling in the markets. RBI hiked repo rate by 40 basis points and Cash Reverse ratio by 50 basis points. Repo rate is the rate at which banks borrow money from RBI. When the rate is increased banks borrow money at higher cost and in turn loans also get costlier. This slows down the growth and liquidity in the Market temporarily. Cash reserve ratio is the interest free deposit money which banks have to keep with RBI. RBI uses that money without having to pay any interest on it. Increasing CRR means RBI is
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